WO2022123477A1 - Data driven insurance system - Google Patents

Data driven insurance system Download PDF

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Publication number
WO2022123477A1
WO2022123477A1 PCT/IB2021/061494 IB2021061494W WO2022123477A1 WO 2022123477 A1 WO2022123477 A1 WO 2022123477A1 IB 2021061494 W IB2021061494 W IB 2021061494W WO 2022123477 A1 WO2022123477 A1 WO 2022123477A1
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WO
WIPO (PCT)
Prior art keywords
exception
message
item
insurance
equipment
Prior art date
Application number
PCT/IB2021/061494
Other languages
French (fr)
Inventor
Christian Theodor MURMAN
Original Assignee
Insure Iot (Pty) Ltd.
Priority date (The priority date is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the date listed.)
Filing date
Publication date
Application filed by Insure Iot (Pty) Ltd. filed Critical Insure Iot (Pty) Ltd.
Publication of WO2022123477A1 publication Critical patent/WO2022123477A1/en

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Classifications

    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/08—Insurance

Definitions

  • This invention relates to a data driven insurance system and related method in respect of equipment, typically industrial equipment.
  • the aim is to provide a system and method in which, based on remedial action taken by a person (or related process) in response to received exception data, a related customized, individualized insurance premium may be determined and implemented.
  • a system including: at least one sensor to monitor at least one variable in respect of an item of equipment; a monitoring box in communication with the at least one sensor, the monitoring box comprising an exception processor (and/or related process) to compile an exception message when the monitored variable/s exceeds or falls below a predetermined level (or outside a predetermined range), and to send the exception message, via a communication interface, to a remote monitoring system; the remote monitoring system comprising a monitoring processor (and/or related process) that is arranged to: send the exception message, via a communication interface, to a remediator responsible for the item of equipment; receive a message from the remediator that the exception has been resolved; determine the length of time it took to resolve the exception and compile a related remediation message; and send the remediation message, via a communication interface, to an insurance computing device that is arranged to adjust a related insurance premium, in a substantially customized, individualized manner, in respect of the item of equipment based on the remediation message.
  • an exception processor and/or related process
  • the insurance computing device is accommodated within an insurance system, the computing device comprising an insurance processor (and/or related process) arranged to determine the adjusted insurance premium.
  • the exception processor (and/or related process) of the monitoring box can access a database of target/acceptable levels or ranges for the monitored variables, to assist the exception processor (and/or related process) to compile the exception message.
  • each type of exception message has a predetermined rectification time period in which the exception should be resolved, with the exception message sent to the remediator including the predetermined rectification time period.
  • the monitoring processor (and/or related process) of the remote monitoring system may be arranged to send reminders (and/or a countdown) of the predetermined rectification time period, and/or provide a day/time deadline by when the exception must be resolved.
  • the insurance processor (and/or related process) of the insurance system is arranged to update or adjust the underlying insurance policy, and to communicate the adjusted insurance premium and related insurance policy to a person/party responsible for the insurance policy.
  • the monitoring processor (and/or related process) of the remote monitoring system may check with the exception processor (and/or related process) of the monitoring box to check/confirm that the exception has indeed been resolved.
  • the remediator comprises at least one person responsible for the item of equipment, or a device (typically comprising software and/or hardware) arranged to adjust or modify the item of equipment so as to resolve the exception.
  • the monitoring processor (and/or related process) of the remote monitoring system may prompt the responsible person to send photographs of the work done.
  • the at least one sensor includes a fluid blockage sensor and/or fluid level sensor and/or temperature sensor and/or electrical fault sensor. This is not an exhaustive list of envisaged sensors; the sensors will ultimately depend upon the item of equipment being monitored/insured.
  • a computer-implemented method comprising: monitoring at least one variable in respect of an item of equipment; compiling an exception message when the monitored variable exceeds or falls below a predetermined level (or outside a predetermined range); sending the exception message to a remediator responsible for the item of equipment; receiving a message from the remediator that the exception has been resolved; determining the length of time it took to resolve the exception; compiling a related remediation message; and sending the remediation message to an insurance computing device that is arranged to adjust a related insurance premium, in a substantially customized, individualized manner, in respect of the item of equipment based on the remediation message.
  • the method comprises accessing a database of target/acceptable levels or ranges for the monitored variables, in order to compile the exception message.
  • each type of exception message has a predetermined rectification time period in which the exception should be resolved, with the exception message to the remediator including the predetermined rectification time period.
  • the method may include the step of checking the item of equipment to confirm that the exception has been resolved.
  • a computer program product tangibly stored on a computer readable hardware storage device, the computer program product comprising instructions to cause a processor (and/or related process) to: monitor at least one variable in respect of an item of equipment; compile an exception message when the monitored variable exceeds or falls below a predetermined level (or outside a predetermined range); send the exception message to a remediator responsible for the item of equipment; receive a message from the remediator that the exception has been resolved; determine the length of time it took to resolve the exception; compile a related remediation message; and send the remediation message to an insurance computing device that is arranged to adjust a related insurance premium, in a substantially customized, individualized manner, in respect of the item of equipment based on the remediation message.
  • Figure 1 shows a high-level schematic view of a system according to the present invention
  • Figure 2 shows a high-level schematic view of a method according to the present invention
  • Figure 3 shows an example of an exception message in respect of a system blockage
  • Figure 4 shows an example of an exception message in respect of an empty fluid reservoir
  • Figure 5 shows an example of an exception message in respect of an electrical fault.
  • a system 10 includes at least one sensor 12 to monitor at least one variable (i.e. condition or telematics data) in respect of an item of equipment 14.
  • the system includes a monitoring box 16 typically on site, in proximity to the item of equipment 14, in communication with the at least one sensor 12.
  • the monitoring box 16 comprises an exception processor 18 (and/or related process) to compile an exception message when the monitored variable exceeds or falls below a predetermined level (or outside a predetermined range), and to then send the exception message, via a communication interface 20, as indicated by arrow 22, to a remote (e.g. cloud-based) monitoring system 24.
  • exception processor 18 and/or related process to compile an exception message when the monitored variable exceeds or falls below a predetermined level (or outside a predetermined range), and to then send the exception message, via a communication interface 20, as indicated by arrow 22, to a remote (e.g. cloud-based) monitoring system 24.
  • the exception processor 18 (and/or related process) of the monitoring box 16 can access a database 25 of target/acceptable levels or ranges for the monitored variables, to assist the exception processor 18 (and/or related process) to compile the exception message.
  • the remote monitoring system 24 itself typically comprises a monitoring processor 26 (and/or related process) that is arranged to send the exception message, via a communication interface 28, as indicated by arrow 30, to a remediator responsible for the item of equipment 14.
  • the remediator is at least one person 32 responsible for the item of equipment 14.
  • the remediator comprises a device 33 (typically comprising software and/or hardware) arranged to adjust or modify the item of equipment 14 so as to resolve the exception.
  • an SMS is sent to a mobile device 34 associated with the responsible person 32, but clearly any other communication protocols/methodologies may be used.
  • each type of exception message has a predetermined (typically pre-agreed in terms of an underlying insurance policy) rectification time period in which the exception should be resolved.
  • the exception message to the at least one person responsible 32 for the item of equipment 14 includes the predetermined rectification time period.
  • the monitoring processor 26 (and/or related process) of the remote monitoring system 24 may be arranged to send reminders (and/or a countdown) of the predetermined rectification time period, and/or provide a day/time deadline by when the exception must be resolved.
  • the monitoring processor 26 (and/or related process) of the remote monitoring system 24 is arranged to receive a message from the responsible person 32 that the exception has been resolved, as indicated by arrow 36.
  • An equivalent process would take in respect of the device 33.
  • the monitoring processor 26 (and/or related process) of the remote monitoring system 24 is then arranged to determine the length of time it took to resolve the exception, and then compiles a related remediation message.
  • This remediation message is then sent, via the communication interface 28, as indicated by arrow 38, to an insurance computing device 40 of an insurance system.
  • This data may then be analysed by an insurance underwriter and/or insurance broker 42 responsible for insuring the item of equipment 14, or by the insurance computing device 40 itself.
  • the insurance computing device 40 may in turn comprise an insurance processor 44 (and/or related process) that is arranged to (dynamically, and in real time) adjust a related insurance premium in respect of the item of equipment 14, in a substantially customized, individualized manner, based on the remediation message.
  • insurance premiums may effectively be adjusted according to the person’s (who is typically the customer) either good or bad behaviour.
  • the insurance processor 44 (and/or related process) of the insurance computing device 40 may be arranged to update or adjust the underlying insurance policy, and to communicate the adjusted insurance premium and related insurance policy to the person/party responsible for the insurance policy.
  • the underlying insurance policy states that all OEM minimum requirements should be adhered to and the lubrication pump, for example, goes empty excessively, then there will be a premium adjustment or insurance cancellation.
  • the freezer goes above a certain temperature and the message has been sent to the prescribed mobile device (which would be relatively easy to prove), but the responsible person 32 has not rectified the problem in a pre-determined time set out in the insurance contract, then the premiums can be adjusted or cancelled.
  • the monitoring processor 26 (and/or related process) of the remote monitoring system 24 may check with the exception processor 18 (and/or related process) of the monitoring box 16 to check/confirm that the exception has indeed been resolved.
  • the processor 26 (and/or related process) of the remote monitoring system 24 may prompt the responsible person 32 to send photographs of the work done.
  • the at least one sensor 12 includes a fluid blockage sensor and/or fluid level sensor and/or temperature sensor and/or electrical fault sensor; some of these will be described in more detail further below with reference to Figures 3 to 5. This is not an exhaustive list of envisaged sensors; the sensors 12 will ultimately depend upon the item of equipment being monitored/insured.
  • the present invention extends to a related computer-implemented method 50.
  • the method 50 comprises monitoring at least one variable in respect of an item of equipment, as indicated by block 52, and as described above.
  • the method 50 then includes compiling an exception message when the monitored variable exceeds or falls below a predetermined level (or outside a predetermined range), as indicated by block 54.
  • the method 50 then sends the exception message to a remediator responsible for the item of equipment, as indicated by block 56, and as described above.
  • the method 50 then receives a message from the remediator that the exception has been resolved, as indicated by block 58, as described above, and then determines the length of time it took to resolve the exception, as indicated by block 60, and as described above.
  • the method 50 then compiles a related remediation message, as indicated by block 62, and then sends the remediation message to an insurance computing device, as indicated by block 64.
  • This step 64 includes adjusting a related insurance premium, in a substantially customized, individualized manner, in respect of the item of equipment based on the remediation message.
  • Figure 3 shows an example of an exception message in respect of a system blockage.
  • the message sent is shown in block 70, and includes the relevant item (and related serial number), the related dated and time, and the possible options available to the responsible person, namely ‘Blockage Cleared’ (option 1), ‘Blockage Not Cleared’ (option 2) or ‘Proxy Not Fixed’ (option 3).
  • the responsible person would select option 1 , as indicated by response block 72.
  • Figure 4 shows an example of an exception message in respect of an empty fluid reservoir.
  • the message sent is shown in block 80, and includes the relevant item (and related serial number), the related dated and time, and the possible option available to the responsible person, namely ‘Refilled’ (option 1 ). In this case, once filled, the responsible person would select option 1 , as indicated by response block 82.
  • Figure 5 shows an example of an exception message in respect of an electrical fault.
  • the message sent is shown in block 90, and includes the relevant item (and related serial number), the related dated and time, and the possible options available to the responsible person, shown in block 92.
  • the responsible person would select the relevant option (in this case, option 4), as indicated by response block 94.
  • This invention thus provides an equipment insurance intelligent pricing method and system based on the time taken to address exceptions.

Abstract

A system is provided comprising a sensor to monitor a variable in respect of an item of equipment, and a monitoring box in communication with the at least one sensor. The monitoring box comprises an exception processor to compile an exception message when the monitored variable/s exceeds or falls below a predetermined level, and to send the exception message to a remote monitoring system. The remote monitoring system comprises a monitoring processor that is arranged to send the exception message to a remediator responsible for the item of equipment; receive a message from the remediator that the exception has been resolved; determine the length of time it took to resolve the exception and compile a related remediation message; and send the remediation message, via a communication interface, to an insurance computing device that is arranged to adjust a related insurance premium in respect of the item of equipment based on the remediation message.

Description

DATA DRIVEN INSURANCE SYSTEM
FIELD OF THE INVENTION
This invention relates to a data driven insurance system and related method in respect of equipment, typically industrial equipment. In particular, the aim is to provide a system and method in which, based on remedial action taken by a person (or related process) in response to received exception data, a related customized, individualized insurance premium may be determined and implemented.
SUMMARY OF THE INVENTION
According to a first aspect of the invention there is provided a system including: at least one sensor to monitor at least one variable in respect of an item of equipment; a monitoring box in communication with the at least one sensor, the monitoring box comprising an exception processor (and/or related process) to compile an exception message when the monitored variable/s exceeds or falls below a predetermined level (or outside a predetermined range), and to send the exception message, via a communication interface, to a remote monitoring system; the remote monitoring system comprising a monitoring processor (and/or related process) that is arranged to: send the exception message, via a communication interface, to a remediator responsible for the item of equipment; receive a message from the remediator that the exception has been resolved; determine the length of time it took to resolve the exception and compile a related remediation message; and send the remediation message, via a communication interface, to an insurance computing device that is arranged to adjust a related insurance premium, in a substantially customized, individualized manner, in respect of the item of equipment based on the remediation message.
In an embodiment, the insurance computing device is accommodated within an insurance system, the computing device comprising an insurance processor (and/or related process) arranged to determine the adjusted insurance premium.
In an embodiment, the exception processor (and/or related process) of the monitoring box can access a database of target/acceptable levels or ranges for the monitored variables, to assist the exception processor (and/or related process) to compile the exception message.
In an embodiment, each type of exception message has a predetermined rectification time period in which the exception should be resolved, with the exception message sent to the remediator including the predetermined rectification time period. The monitoring processor (and/or related process) of the remote monitoring system may be arranged to send reminders (and/or a countdown) of the predetermined rectification time period, and/or provide a day/time deadline by when the exception must be resolved. In an embodiment, the insurance processor (and/or related process) of the insurance system is arranged to update or adjust the underlying insurance policy, and to communicate the adjusted insurance premium and related insurance policy to a person/party responsible for the insurance policy.
In an embodiment, upon receiving a message from the remediator that the exception has been resolved, the monitoring processor (and/or related process) of the remote monitoring system may check with the exception processor (and/or related process) of the monitoring box to check/confirm that the exception has indeed been resolved.
In an embodiment, the remediator comprises at least one person responsible for the item of equipment, or a device (typically comprising software and/or hardware) arranged to adjust or modify the item of equipment so as to resolve the exception.
In an embodiment, upon receiving a message from the responsible person that the exception has been resolved, the monitoring processor (and/or related process) of the remote monitoring system may prompt the responsible person to send photographs of the work done.
In an embodiment, the at least one sensor includes a fluid blockage sensor and/or fluid level sensor and/or temperature sensor and/or electrical fault sensor. This is not an exhaustive list of envisaged sensors; the sensors will ultimately depend upon the item of equipment being monitored/insured.
According to a second aspect of the invention there is provided a computer-implemented method comprising: monitoring at least one variable in respect of an item of equipment; compiling an exception message when the monitored variable exceeds or falls below a predetermined level (or outside a predetermined range); sending the exception message to a remediator responsible for the item of equipment; receiving a message from the remediator that the exception has been resolved; determining the length of time it took to resolve the exception; compiling a related remediation message; and sending the remediation message to an insurance computing device that is arranged to adjust a related insurance premium, in a substantially customized, individualized manner, in respect of the item of equipment based on the remediation message.
In an embodiment, the method comprises accessing a database of target/acceptable levels or ranges for the monitored variables, in order to compile the exception message.
In an embodiment, each type of exception message has a predetermined rectification time period in which the exception should be resolved, with the exception message to the remediator including the predetermined rectification time period.
In an embodiment, upon receiving a message from the remediator that the exception has been resolved, the method may include the step of checking the item of equipment to confirm that the exception has been resolved.
According to a third aspect of the invention there is provided a computer program product tangibly stored on a computer readable hardware storage device, the computer program product comprising instructions to cause a processor (and/or related process) to: monitor at least one variable in respect of an item of equipment; compile an exception message when the monitored variable exceeds or falls below a predetermined level (or outside a predetermined range); send the exception message to a remediator responsible for the item of equipment; receive a message from the remediator that the exception has been resolved; determine the length of time it took to resolve the exception; compile a related remediation message; and send the remediation message to an insurance computing device that is arranged to adjust a related insurance premium, in a substantially customized, individualized manner, in respect of the item of equipment based on the remediation message.
BRIEF DESCRIPTION OF THE DRAWINGS
These and other features of the present invention will be evident when considered in light of the following specification and drawings in which:
Figure 1 shows a high-level schematic view of a system according to the present invention;
Figure 2 shows a high-level schematic view of a method according to the present invention;
Figure 3 shows an example of an exception message in respect of a system blockage; Figure 4 shows an example of an exception message in respect of an empty fluid reservoir; and
Figure 5 shows an example of an exception message in respect of an electrical fault.
DETAILED DESCRIPTION OF THE DRAWINGS
Referring to Figure 1 , a system 10 includes at least one sensor 12 to monitor at least one variable (i.e. condition or telematics data) in respect of an item of equipment 14. The system includes a monitoring box 16 typically on site, in proximity to the item of equipment 14, in communication with the at least one sensor 12.
The monitoring box 16 comprises an exception processor 18 (and/or related process) to compile an exception message when the monitored variable exceeds or falls below a predetermined level (or outside a predetermined range), and to then send the exception message, via a communication interface 20, as indicated by arrow 22, to a remote (e.g. cloud-based) monitoring system 24.
In this regard, the exception processor 18 (and/or related process) of the monitoring box 16 can access a database 25 of target/acceptable levels or ranges for the monitored variables, to assist the exception processor 18 (and/or related process) to compile the exception message.
The remote monitoring system 24 itself typically comprises a monitoring processor 26 (and/or related process) that is arranged to send the exception message, via a communication interface 28, as indicated by arrow 30, to a remediator responsible for the item of equipment 14. In one version, the remediator is at least one person 32 responsible for the item of equipment 14. In another version, the remediator comprises a device 33 (typically comprising software and/or hardware) arranged to adjust or modify the item of equipment 14 so as to resolve the exception. In one version, an SMS is sent to a mobile device 34 associated with the responsible person 32, but clearly any other communication protocols/methodologies may be used.
In this regard, each type of exception message has a predetermined (typically pre-agreed in terms of an underlying insurance policy) rectification time period in which the exception should be resolved. In one version, the exception message to the at least one person responsible 32 for the item of equipment 14 includes the predetermined rectification time period. The monitoring processor 26 (and/or related process) of the remote monitoring system 24 may be arranged to send reminders (and/or a countdown) of the predetermined rectification time period, and/or provide a day/time deadline by when the exception must be resolved.
In any event, at some stage, the monitoring processor 26 (and/or related process) of the remote monitoring system 24 is arranged to receive a message from the responsible person 32 that the exception has been resolved, as indicated by arrow 36. An equivalent process would take in respect of the device 33.
The monitoring processor 26 (and/or related process) of the remote monitoring system 24 is then arranged to determine the length of time it took to resolve the exception, and then compiles a related remediation message. This remediation message is then sent, via the communication interface 28, as indicated by arrow 38, to an insurance computing device 40 of an insurance system. This data may then be analysed by an insurance underwriter and/or insurance broker 42 responsible for insuring the item of equipment 14, or by the insurance computing device 40 itself.
The insurance computing device 40 may in turn comprise an insurance processor 44 (and/or related process) that is arranged to (dynamically, and in real time) adjust a related insurance premium in respect of the item of equipment 14, in a substantially customized, individualized manner, based on the remediation message. In particular, insurance premiums may effectively be adjusted according to the person’s (who is typically the customer) either good or bad behaviour. Thus, the insurance processor 44 (and/or related process) of the insurance computing device 40 may be arranged to update or adjust the underlying insurance policy, and to communicate the adjusted insurance premium and related insurance policy to the person/party responsible for the insurance policy.
For example, if the underlying insurance policy states that all OEM minimum requirements should be adhered to and the lubrication pump, for example, goes empty excessively, then there will be a premium adjustment or insurance cancellation. In another example, if the freezer goes above a certain temperature and the message has been sent to the prescribed mobile device (which would be relatively easy to prove), but the responsible person 32 has not rectified the problem in a pre-determined time set out in the insurance contract, then the premiums can be adjusted or cancelled.
In an embodiment, upon receiving a message from the responsible person 32 (or device 33) that the exception has been resolved, the monitoring processor 26 (and/or related process) of the remote monitoring system 24 may check with the exception processor 18 (and/or related process) of the monitoring box 16 to check/confirm that the exception has indeed been resolved.
In an embodiment, upon receiving a message from the responsible person 32 that the exception has been resolved, the processor 26 (and/or related process) of the remote monitoring system 24 may prompt the responsible person 32 to send photographs of the work done.
In an embodiment, the at least one sensor 12 includes a fluid blockage sensor and/or fluid level sensor and/or temperature sensor and/or electrical fault sensor; some of these will be described in more detail further below with reference to Figures 3 to 5. This is not an exhaustive list of envisaged sensors; the sensors 12 will ultimately depend upon the item of equipment being monitored/insured.
Turning now to Figure 2, at a high level, the present invention extends to a related computer-implemented method 50. The method 50 comprises monitoring at least one variable in respect of an item of equipment, as indicated by block 52, and as described above. The method 50 then includes compiling an exception message when the monitored variable exceeds or falls below a predetermined level (or outside a predetermined range), as indicated by block 54. The method 50 then sends the exception message to a remediator responsible for the item of equipment, as indicated by block 56, and as described above.
The method 50 then receives a message from the remediator that the exception has been resolved, as indicated by block 58, as described above, and then determines the length of time it took to resolve the exception, as indicated by block 60, and as described above.
The method 50 then compiles a related remediation message, as indicated by block 62, and then sends the remediation message to an insurance computing device, as indicated by block 64. This step 64 includes adjusting a related insurance premium, in a substantially customized, individualized manner, in respect of the item of equipment based on the remediation message.
Some examples will now be described with reference to Figures 3 to 5.
Figure 3 shows an example of an exception message in respect of a system blockage. In this example, the message sent is shown in block 70, and includes the relevant item (and related serial number), the related dated and time, and the possible options available to the responsible person, namely ‘Blockage Cleared’ (option 1), ‘Blockage Not Cleared’ (option 2) or ‘Proxy Not Fixed’ (option 3). In this case, once cleared, the responsible person would select option 1 , as indicated by response block 72. Figure 4 shows an example of an exception message in respect of an empty fluid reservoir. In this example, the message sent is shown in block 80, and includes the relevant item (and related serial number), the related dated and time, and the possible option available to the responsible person, namely ‘Refilled’ (option 1 ). In this case, once filled, the responsible person would select option 1 , as indicated by response block 82.
Figure 5 shows an example of an exception message in respect of an electrical fault. In this example, the message sent is shown in block 90, and includes the relevant item (and related serial number), the related dated and time, and the possible options available to the responsible person, shown in block 92. In this case, once rectified, the responsible person would select the relevant option (in this case, option 4), as indicated by response block 94.
This invention thus provides an equipment insurance intelligent pricing method and system based on the time taken to address exceptions.

Claims

1. A system including: at least one sensor to monitor at least one variable in respect of an item of equipment; a monitoring box in communication with the at least one sensor, the monitoring box comprising an exception processor to compile an exception message when the monitored variable/s exceeds or falls below a predetermined level or outside a predetermined range, and to send the exception message, via a communication interface, to a remote monitoring system; the remote monitoring system comprising a monitoring processor (and/or related process) that is arranged to: send the exception message, via a communication interface, to a remediator responsible for the item of equipment; receive a message from the remediator that the exception has been resolved; determine the length of time it took to resolve the exception and compile a related remediation message; and send the remediation message, via a communication interface, to an insurance computing device that is arranged to adjust a related insurance premium, in a substantially customized, individualized manner, in respect of the item of equipment based on the remediation message. 2. The system of claim 1 , wherein the insurance computing device is accommodated within an insurance system, the computing device comprising an insurance processor arranged to determine the adjusted insurance premium.
3. The system of claim 1 , wherein the exception processor of the monitoring box can access a database of target levels or ranges for the monitored variables, to assist the exception processor to compile the exception message.
4. The system of claim 3, wherein each type of exception message has a predetermined rectification time period in which the exception should be resolved, with the exception message sent to the remediator including the predetermined rectification time period.
5. The system of claim 4, wherein the monitoring processor of the remote monitoring system is arranged to send reminders of the predetermined rectification time period, or provide a deadline by when the exception must be resolved.
6. The system of claim 1 , wherein the insurance processor of the insurance system is arranged to update or adjust the underlying insurance policy, and to communicate the adjusted insurance premium and related insurance policy to a person/party responsible for the insurance policy.
7. The system of claim 1 , wherein upon receiving a message from the remediator that the exception has been resolved, the monitoring processor of the remote monitoring system may check with the exception processor of the monitoring box to check and confirm that the exception has indeed been resolved.
8. The system of claim 1 , wherein the remediator comprises at least one person responsible for the item of equipment, or a device arranged to adjust or modify the item of equipment so as to resolve the exception. The system of claim 8, wherein upon receiving a message from the responsible person that the exception has been resolved, the monitoring processor of the remote monitoring system may prompt the responsible person to send photographs of the work done. The system of claim 1 , wherein the at least one sensor includes a fluid blockage sensor and/or fluid level sensor and/or temperature sensor and/or electrical fault sensor. A computer-implemented method comprising: monitoring at least one variable in respect of an item of equipment; compiling an exception message when the monitored variable exceeds or falls below a predetermined level or outside a predetermined range; sending the exception message to a remediator responsible for the item of equipment; receiving a message from the remediator that the exception has been resolved; determining the length of time it took to resolve the exception; compiling a related remediation message; and sending the remediation message to an insurance computing device that is arranged to adjust a related insurance premium, in a substantially customized, individualized manner, in respect of the item of equipment based on the remediation message.
12. The method of claim 11 , wherein the method comprises accessing a database of target/acceptable levels or ranges for the monitored variables, in order to compile the exception message.
13. The method of claim 12, wherein each type of exception message has a predetermined rectification time period in which the exception should be resolved, with the exception message to the remediator including the predetermined rectification time period.
14. The method of claim 11 , wherein upon receiving a message from the remediator that the exception has been resolved, the method may include the step of checking the item of equipment to confirm that the exception has been resolved.
15. A computer program product tangibly stored on a computer readable hardware storage device, the computer program product comprising instructions to cause a processor to: monitor at least one variable in respect of an item of equipment; compile an exception message when the monitored variable exceeds or falls below a predetermined level or outside a predetermined range; send the exception message to a remediator responsible for the item of equipment; receive a message from the remediator that the exception has been resolved; determine the length of time it took to resolve the exception; compile a related remediation message; and send the remediation message to an insurance computing device that is arranged to adjust a related insurance premium, in a substantially customized, individualized manner, in respect of the item of equipment based on the remediation message.
PCT/IB2021/061494 2020-12-09 2021-12-09 Data driven insurance system WO2022123477A1 (en)

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